Tornos News — Minoan Group Plc announced that the Presidential Decree granting land use approval for its project in Crete has been issued.
The President of the Hellenic Republic of Greece, Mr Prokopios Pavlopoulos has signed the decree and it has been published in the Government Gazette last Wednesday. The planning rules for the Project are now enshrined in law.
The project — entitled Itanos Gaia — will be constructed at the Cavo Sidero peninsula, Northeastern Crete, in the prefecture of Lasithi and aims to become an international landmark of sustainable architecture in the hotel industry.
With estimated value at some 267 million euros, the luxury holiday resort will feature hotels, golf courses, a marina, a conference center, a wellness center and other high-end facilities.
Christopher Egleton, Minoan Chairman, commented:
“The issue of the PD is a transformational event for the Group and means that Minoan is in a position to accelerate discussions related to the development of the Project. Shareholders will be aware that the last opinion of the development value of the Project site was in the order of €100 million (as per the estimate dated 27 June 2011, which was reaffirmed in March 2012) and the Board will now be working to deliver maximum value.”
According to Minoan Group, the resort is projected to create 1,200 permanent jobs and another 2,000 for local suppliers.
The company, listed on London’s Aim market, had first applied for approval to build the holiday retreat in 1991 but had to fight legal obstacles after residents and environmental organisations questioned the project
